SYS-CON MEDIA Authors: Roberto Medrano, Dmitriy Stepanov, Gilad Parann-Nissany, Srinivasan Sundara Rajan, Sean Houghton

News Feed Item

North Sea Energy Announces First Quarter 2014 Results

TORONTO, ONTARIO -- (Marketwired) -- 05/28/14 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces its unaudited financial results for the period ended March 31, 2014. The summary of the selected financial information should be read in conjunction with the Company's Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended March 31, 2014 dated May 28, 2014, which have been filed on SEDAR (www.sedar.com).

Highlights and recent events for the three months ended March 31, 2014


--  The Company is focused on its exploration and appraisal assets and is
    pleased with the upside potential within the targeted portfolio as
    highlighted by the recent Deloitte report (see press release dated May
    2, 2014). NSE continues to maintain strong relationships with its joint
    venture partners.
--  On January 3, 2014, the Company issued 763,636 shares to EnCounter Oil
    Limited ("EnCounter") at $0.11 per share pursuant to its subsidiary's
    joint-bidding agreement between EnCounter and North Sea Energy (UK No2)
    Limited for the purpose of obtaining North Sea UKCS licences.
--  In February, 2014 the Company signed an agreement with Ithaca and Dyas,
    whereby under the terms of the Agreement, NSE UK agreed to withdraw from
    the Jacky Field (P.1392, Block 12/21c), effective December 31, 2013. The
    Agreement settled all outstanding issues and released the Company of all
    future costs including decommissioning liabilities from the effective
    date. By withdrawing from the field, the Company significantly reduced
    its overall liabilities.
--  The Company reduced its general and administrative (G&A) costs by 48%
    during the three months ended March 31, 2014 compared to the three
    months ended March 31, 2013 (Q1 2014; $257,967; Q1 2013: $491,889).
--  Net loss during the three months ended March 31, 2014 decreased by 64%
    compared to the net loss incurred during the three months ended March
    31, 2013 (Q1 2014: $(345,555); Q1 2013: $(951,014)).


Selected Quarterly Information

----------------------------------------------------------------------------
                                            As at and for the three months
                                                        ended
                                          ----------------------------------
                                            March 31, 2014   March 31, 2013
                                               (Unaudited)      (Unaudited)
                                                   CAD ($)          CAD ($)
                                               (except per      (except per
                                               share data)      share data)
----------------------------------------------------------------------------
Assets                                           4,026,550       19,956,011
----------------------------------------------------------------------------
Long-term liabilities                            3,590,987        4,950,794
----------------------------------------------------------------------------
Shareholders' Equity                            (2,211,732)      11,679,388
----------------------------------------------------------------------------
Revenues                                             1,270        1,092,335
----------------------------------------------------------------------------
Loss before income tax expense                    (345,555)        (951,014)
----------------------------------------------------------------------------
Net loss                                          (345,555)        (951,014)
----------------------------------------------------------------------------
Total comprehensive loss for the period           (442,854)        (933,657)
----------------------------------------------------------------------------
Basic and diluted net loss per share               (0.0058)         (0.0162)
----------------------------------------------------------------------------

Subsequent events


--  Subsequent to the period end, the Company signed a Joint Bidding
    Agreement for the 28th UKCS Licensing Round. The results are expected in
    the second half of 2014.
--  On May 2, 2014, the Company announced the results of an independent
    "Economic Assessment of Blocks 13/24c and 13/25 (Bagpuss and Blofeld),
    North Sea, United Kingdom". This report issued by Deloitte LLP
    ("Deloitte") on April 30, 2014, utilized the resource and geologic
    information developed by Senergy (GB) Limited ("Senergy") on June 25,
    2013 with an effective date of May 30, 2013. (Please refer to the
    Company's press release issued on June 27, 2013 for discussion on the
    risks and level of uncertainty associated with recovery of the
    resources, the significant positive and negative factors relevant to the
    estimate of the resources.). Deloitte's economic assessment of the
    Bagpuss and Blofeld prospects indicates that, on a cumulative basis, the
    Best, Mean, and High case resource estimates are commercial under the
    assumed development, pricing, and cost scenarios, yielding after-tax
    internal rates of return of approximately 18, 28, and 51 percent,
    respectively.

About North Sea Energy Inc.

North Sea Energy Inc. (TSX VENTURE: NUK) is an oil and gas company that holds a portfolio of high impact interests focused on the Moray Firth in the offshore UK North Sea. These interests include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Cloud (block 14/29b), Del Monte (block 19/3) and Golden Phoenix (block 18/10a).

Forward-looking statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.